EW Analysis - gold could be on the edge of a cliff
Gold has formed a flat correction off lows, 3-3-5 abc. I published a chart showing why I thought we could go up after a bearish triangle, but now that the triangle is resolved and was followed by a flat bullish correction, wave 2, the trend is down. if the triangle was not a B wave, it was a iv wave. Surprisingly, this could be a 1-2 before an epic steep wave iii decline towards new lows in gold.
Note that the flat bullish correction, wave 2, was under a lot of pressure because wave b passed the extreme of wave a and wave c, an ending diagonal, terminated under the extreme of b. Right now gold is approaching fresh lows quickly, further evidence this count is valid.
Targets for this potential decline are ultimately new lows, could be targeting 1000-900 at a guess. I dont like making extreme calls like this, but somebody gotta do it when the count is valid and strong!
Note that the flat bullish correction, wave 2, was under a lot of pressure because wave b passed the extreme of wave a and wave c, an ending diagonal, terminated under the extreme of b. Right now gold is approaching fresh lows quickly, further evidence this count is valid.
Targets for this potential decline are ultimately new lows, could be targeting 1000-900 at a guess. I dont like making extreme calls like this, but somebody gotta do it when the count is valid and strong!
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